Applicants must meet the following requirements to be eligible for the loan:

• Should fulfill KYC documents requirements as per company rules.
• Present Age and Remaining Working Years

The age of the applicant plays a major role in determining secured loan eligibility.

• Age Limit for Salaried Individuals: 25 to 50 years.
• Age Limit for Self-Employed Individuals: 25 to 45 years.
• Working Experience of Salaried Person: 1 year
• Business stability of Self-employment Person: 4 years
• Minimum Salary: ₹20,000 p.m.
• Minimum business income: ₹3 Lakhs p.a.
• Maximum Loan Term: 3 years.
• The maximum loan term is generally capped at 3 years, conditions as per loan amount.
• Financial Position: The present and the future income of the applicant(s) have a significant impact on determining the loan amount.
• Should meet the acceptable credit norms according to Credito India Nidhi Limited

• Proof of identity– This should be an official document that contains your name and photograph. Could be either your driving license, passport, voter’s ID, PAN card, Employee ID (if the company is registered), etc.
• Proof of age– Should be a verifiable document that determines your age, such as a birth certificate, passport, voter’s ID, etc.
• Proof of income– This should be an official/certified document that contains the details of your income and tax paid (TDS). Could be either your salary slips for the past 3 months or Form 16 duly filled in and attached to a salary certificate.
• Proof of residence– This should also be a certified document that verifies your residential address in the eyes of the law. Could be your phone/internet bill, rental agreement, bank account statement, etc.
• Original Secured Documents: of the property that is being pledged as collateral against the loan or insurance bond or Government security
• Bank statements: for the last 6 months.
• Copy of lease agreement for LRD (Lease Rental Discounting).
• Nominee KYC: Yes (As per company rules)
• Guarantor: Yes (As per company rules)

Secondary KYC Documents: In case of non-availability of PAN card, the member needs to submit Form 60 along with one of the following OVDs (Official Valid Documents) such as Voter’s ID, Driving License, and Passport, etc

Secured loans have many benefits that don’t apply to other types of loans. Secured loans can get you:

• Lower interest rates because the company can rely on your desire to keep your collateral. Nidhi Company will lend with lower interest rates if they know their investment in you is protected. This of course means easier payments and a lower eventual hit to your personal finances.
• Larger loan amounts are sanctioned, as the company’s liability and risk are substantially reduced. The company will approve loan amounts that are as close to the value of your collateral asset as possible, and not make room for their potential loss.
• Flexible repayment terms, mean that you don’t have to worry about fines and charges on settlement payments, pre-closing your loan, making one big payment that greatly reduces your capital (if you’ve suddenly come into some money), or if you want to close your loan early or even if you want to extend your loan tenure. Some banks and lenders don’t allow you to close your loan early, but with secured loans, this is possible.
• Flexible repayment tenure, customizable to suit your ability to repay. You can choose to repay your loan faster, with chunkier EMIs for a shorter period, or choose to pay smaller amounts over a longer period. The choice is yours, for as long as your collateral asset is yours.
• The minimum income required is far lesser than that for a secured loan, as this is also an indicator of your ability to repay. Your ability to repay is a factor that becomes moot, as you have already pretty much paid them by pledging an asset as collateral.

Along with the advantages that secured loans bring, there are also many disadvantages, like:

• Collateral seizing– The bank, while it approves a higher loan amount and a lower rate of interest, will not hesitate to seize all assets you have pledged as collateral. You must be as ready to give up the pledged asset as you are to take the loan. You must be ready to lose the roof over your head, the car in which you travel, and the assets that earn your keep.
• Paperwork– Secured loans require a lot of paperwork, as you will have to provide the regular documents required (identity, age, and address proof) along with documents that relate to the ownership of your asset. You will also be required to affix a metric ton of specimen signatures to a series of documents, and if even one of these signatures does not match the others, you will have to go through the entire arduous process again.

Secured loans are a way to secure finance in times of dire need, but must be used very cautiously and not at all be taken lightly. The asset pledged as collateral must be considered as the property of the bank in the mind of the borrower until the loan is repaid in full. Banks will not hesitate or think twice before seizing a defaulter’s collateral, and almost seem like sharks circling a boat waiting for someone to fall off of it.

If you are confident and able to repay your loan on time, every time, the interest rates, repayment schedules, terms, and conditions are unmatched by those of any unsecured loan.

M/s Credito India Members Credit Advance Loan Scheme is designed to extend loan facilities to poor people’s daily needs, with the objective of helping them to meet their financial solutions. This individual loan scheme is completely based on Seniority Registration and Eligibility Basis.

Please note that this amortization schedule provides only by using the reducing balancing method (As per Nidhi Rule) in principal and interest amounts, as it is calculated on an assumption of 365 days per year. Kindly do not consider this to be the final schedule, as the actual EMI amounts may vary basis the actual number of days in a month and 365 days in a year.

A member shall not be eligible for any further loan if he has borrowed any earlier loan from the Nidhi and has defaulted in repayment of such loan.